On Friday and this morning, the price failed to overcome the resistance of the MACD indicator line on the daily chart. The S&P 500's growth by 2.24% on Friday did not help Asian indices resist geopolitical pressure today and the Nikkei 225 loses 0.34%, while China A50 loses 0.65%. And although retail sales in January showed an increase of 1.6% y/y, but industrial production for the same month decreased by 1.3% m/m against the expectation of a smaller loss of about -0.6% m/m. We are waiting for the price to go under the target level of 115.07 and further decline to the embedded line of the price channel of the monthly chart to the mark of 113.36.
On the H4 chart, the price is above the MACD indicator line, the Marlin Oscillator is above the zero line, this situation encourages growth, but the downward gap since the market open is closed, and now the price can resume its decline.